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Are there any journals that define a completely OBJECTIVE method?
I've never created a thread about my method, or shared specific details, but I've pretty much shared everything I do on various posts in conversations with people. In a nutshell, basically I manually, but mechanically scalp divergence setups, on 3 to 8 range bar charts, using 2:1 reward/risk ratio, with fixed stops, fixed targets. I enter 1 tick above/below the close of a range bar, and put my stop behind the bar that just closed. I've posted a number of charts with entries in various posts.
I'm not familiar with everything on this forum, but there are some more mechanical ideas presented from google searches and other forums. Not sure what the policy is linking to other sites, so I'll leave it at that.
Even if you find something that is more mechanical in nature, I think that trading does have some 'on the fly' work done. It's just the nature of the beast. It could be big or small. For me that means always examining my exits. I think I have about 1000 possible ways to exit a trade at this point. Now if my system was published (it's not) and I provided 1 exit strategy, you might think it's trash b/c that particular exit was going through a rough patch - meanwhile, I could be using something more flexible in real-time.
I don't know if a 100% mechanical start to finish system is out there (and for free nonetheless). And if it was, I would be very careful in my screening of it.
BTW, is this the forest from TL days? Username looks very familiar.
I know for sure though that there are mechanical, or completely objective methods of trading, but they are rarely spoken of for obvious reasons.
It's nothing to post a discretionary method of trading, b/c no two people will trade them the same way, so it's not an issue. When it doesn't work for one person, it's simply the fault of the trader for not realizing the nuances of the setup
In day trading defined exit targets usually work best. There are other ways to exit but I have always found that targets win out. I say let your runners run but run to a predefined target.
My system is 100% mechanical start to finish and is profitable. In my opinion you can't mix mechanical and discretionary without messing up probabilities.
Trading with probabilities only way you win long term at this business.
"The day I became a winning trader was the day it became boring. Daily losses no longer bother me and daily wins no longer excited me. Took years of pain and busting a few accounts before finally got my mind right. I survived the darkness within and now just chillax and let my black box do the work."
I'd venture a guess that I've been doing this a lot longer than most here and this is my sole income.
So your guarantee is a bit late. Never assume.
Check other forums to see how long I've been around this game and then we can compare notes. Or better yet we can compare p/l's. You'll find a very detailed p/l thread that I was a daily participant in on another forum and routinely posted positive days consistently. We're talking months and months of postings.
But thanks for the concern. I'll be sure to let my bank know that same random guy on a forum thinks he knows I won't be at this for very long.
Good to see ya on a forum again forrest. Been awhile to say the least.
Good luck in the search and progress of trading. I can promise you there is no holy grail, but there are plenty of ways to make money in this business. You just have to find what works best for you and your risk tolerance.
Exits can be discussed till we are all blue in the face and I really don't want to go there. Suffice to say, just find what works for you and then work it. Defined, trailers, runners, pyramid in, pyramid out, whatever works for you as long as it makes money is all that matters in the end. Everything else is up for discussion - even if some here may think there are absolutes or an opinion disguised as an absolute. And it's nothing more than an opinion on anonymous message board where you have no idea if the person providing this opinion even has a clue about what they are saying. The danger of trading boards is that you have no idea if what you are reading is from a professional, hobbyist or something in the middle.
I have not as it is something I don't post. I enjoy discussing things that pertain to trading and good civil debate around different subjects but not my methods.
"The day I became a winning trader was the day it became boring. Daily losses no longer bother me and daily wins no longer excited me. Took years of pain and busting a few accounts before finally got my mind right. I survived the darkness within and now just chillax and let my black box do the work."
